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In a remarkable display of financial vigor, Coastal Financial Corp’s stock soared to an all-time high, reaching a pinnacle of $88.7. With a market capitalization of $1.32 billion and a P/E ratio of 28.74, InvestingPro analysis suggests the stock is trading above its Fair Value. This milestone underscores a period of robust growth for the company, which has seen its stock value more than double over the past year, with an impressive 109.21% change. Investors have rallied behind Coastal Financial’s strategic initiatives and market performance, with analyst price targets ranging from $85 to $96. The company maintains a "GREAT" financial health score according to InvestingPro, which offers 12 additional investment tips for this stock.
In other recent news, Coastal Financial Corp has experienced several significant developments. The financial institution’s fourth-quarter earnings surpassed Wall Street’s expectations, leading Raymond (NSE:RYMD) James to increase its price target from $88.00 to $100.00. In addition, Raymond James maintained a Strong Buy rating on the stock, highlighting Coastal Financial’s differentiated credit philosophy and active balance sheet management strategy.
Keefe, Bruyette & Woods also expressed confidence in the bank’s growth, raising its price target from $92.00 to $96.00. This followed a positive evaluation of Coastal Financial’s recent capital raise. The financial institution’s performance was bolstered by the signing of three new partner letters of intent and the successful sale of nearly twice as many CCBX loans compared to the previous quarter.
Coastal Financial also announced the initiation of an underwritten public offering of its common stock, intending to provide underwriters a 30-day option to purchase up to an additional 15% of shares at the public offering price, less any underwriting discounts and commissions. The proceeds from this sale are intended for general corporate purposes, including potential investment opportunities and supporting the bank’s growth initiatives. Keefe, Bruyette & Woods, Hovde Group, Raymond James & Associates, and Stephens Inc. are participating in the offering.
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